Public auc­tions of com­pa­ny shares and rights of all kinds

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Stra­te­gic uti­liza­ti­on of com­pa­ny shares (com­pa­ny shares) and intan­gi­ble rights

The rea­liza­ti­on of pled­ged com­pa­ny shares is beco­ming incre­asing­ly important — both in the con­text of secu­ring receiv­a­bles and in the finan­cial res­truc­tu­ring of com­pa­nies. This appli­es equal­ly to the rea­liza­ti­on of pled­ged rights of all kinds, inclu­ding secu­ri­ties, patents, IP rights, trade­mark rights, domains and licen­sing rights.

The pled­ging of com­pa­ny shares has estab­lished its­elf as a pro­ven prac­ti­ce, par­ti­cu­lar­ly when it comes to secu­ring receiv­a­bles. It ensu­res that the pled­gee can enforce his claims prompt­ly when they fall due wit­hout jeo­par­di­zing the ope­ra­tio­nal con­ti­nua­tion of the com­pa­ny.

Recy­cling via Deut­sche Pfand­ver­wer­tung — your stra­te­gic advan­ta­ge

The rea­liza­ti­on of com­pa­ny shares via Deut­sche Pfand­ver­wer­tung offers decisi­ve advan­ta­ges:

  • Legal cer­tain­ty through struc­tu­red and trans­pa­rent pro­ces­ses
  • Proac­ti­ve gene­ra­ti­on of qua­li­fied pro­s­pec­ti­ve buy­ers
  • Access to a broad net­work of finan­cial and stra­te­gic inves­tors
  • Many years of expe­ri­ence in the exe­cu­ti­on of com­pa­ny sales and public auc­tions in distres­sed situa­tions
  • Digi­tal infra­struc­tu­re, live online auc­tion with live stream

As a gene­ral­ly publicly appoin­ted and sworn auc­tion­eer (auc­tion­eer), we are aut­ho­ri­zed by the sta­te to sell com­pa­ny shares (GmbH shares, com­pa­ny shares, KG shares), shares, secu­ri­ties and intan­gi­ble rights — IP rights (trade­mark rights, licen­sing rights, patents) and domains. The­re are signi­fi­cant dif­fe­ren­ces in the methods of explo­ita­ti­on:

  • Pled­ged com­pa­ny shares are sub­ject by law to public auc­tion in order to ensu­re a trans­pa­rent and mar­ket-com­pli­ant sale pro­cess.
  • Shares in the com­pa­ny that are not pled­ged can be sold by way of a vol­un­t­a­ry auc­tion.

Even in the case of lis­ted shares, the­re are attrac­ti­ve opti­ons for off-mar­ket tran­sac­tions, as stra­te­gic inves­tors in par­ti­cu­lar are pre­pared to bid abo­ve the regu­lar mar­ket pri­ce in auc­tion pro­ces­ses.

The suc­cess of an explo­ita­ti­on is based on essen­ti­al pre­re­qui­si­tes:

A fast, legal­ly com­pli­ant, final and eco­no­mic­al­ly opti­mi­zed liqui­da­ti­on of com­pa­ny shares requi­res com­pre­hen­si­ve know­ledge of the struc­tu­ring of the pro­cess and the pro­vi­si­on of the neces­sa­ry con­tracts. Our expe­ri­ence from num­e­rous suc­cessful rea­liza­ti­ons gua­ran­tees the hig­hest level of pro­fes­sio­na­lism in imple­men­ta­ti­on.

Our exper­ti­se in the field of com­pa­ny liqui­da­ti­on is based on many years of expe­ri­ence, stra­te­gic mar­ket know­ledge and pro­fes­sio­nal tran­sac­tion struc­tures. Deut­sche Pfand­ver­wer­tung is at your dis­po­sal as a relia­ble part­ner to ensu­re the opti­mal rea­liza­ti­on of your com­pa­ny shares and rights.

Bai­liffs regu­lar­ly refu­se to auc­tion off com­pa­ny shares due to a lack of func­tion­al juris­dic­tion (alter­na­tively pur­su­ant to sec­tion 249 no. 1 GVGA), as con­trac­tual­ly agreed pled­ges of rights are based on an agree­ment under pri­va­te law. Such a rea­liza­ti­on by the bai­liff is the­r­e­fo­re not to be orde­red by law in the case of agree­ments under pri­va­te law, which only have the per­mis­si­ble dis­po­si­ti­ve cha­rac­ter of § 1277 sen­tence 1 BGB (see OLG Colo­gne, decis­i­on of 30.12.1999, AZ: 7 VA 2/99).

If you have a spe­ci­fic case, plea­se cont­act us here: to the cont­act form

Blog post > Auc­tions of com­pa­ny shares in the real estate sec­tor

Blog post > Dan­ger with the nota­ry? Auc­tions of com­pa­ny shares by the nota­ry: What cli­ents need to know

We con­duct auc­tions of com­pa­ny shares due to pledge § 1293 BGB on bea­rer secu­ri­ties.
The pro­vi­si­ons on the pledge of rights on mova­ble pro­per­ty also app­ly to the pledge of rights on bea­rer secu­ri­ties.

Debt-to-equi­ty swaps
Share deals are play­ing an incre­asing­ly important role. Cre­di­tors can be forced to con­vert their claims into shares (debt-to-equi­ty) even against their will. As a rule, cre­di­tors have no inte­rest in beco­ming share­hol­ders. We offer the desi­red exit by sel­ling the shares at auc­tion.

Vol­un­t­a­ry auc­tion of com­pa­ny shares
The sale of com­pa­ny shares, e.g. shares, GmbH or KG shares, some­ti­mes gene­ra­tes bet­ter pro­ceeds than the sale via the usu­al tra­ding venues.

§ Sec­tion 23 GmbHG Auc­tion of the share
If pay­ment of the out­stan­ding amount of legal tran­sac­tions can­not be obtai­ned, the com­pa­ny may have the share sold by public auc­tion. Any other type of sale is only per­mit­ted with the con­sent of the excluded share­hol­der.

Auc­tion Sec­tion 65 para. 3 AktG
The shares must be sold at the offi­ci­al stock exch­an­ge pri­ce through a bro­ker. If the­re is no stock exch­an­ge pri­ce, the shares must be sold by public auc­tion. (Com­pul­so­ry exclu­si­on of share­hol­ders of a GmbH or AG).

Can­cel­la­ti­on of the enti­re estate Sec­tion 1922 BGB
(1) Upon the death of a per­son (suc­ces­si­on), their assets (inhe­ri­tance) shall pass as a who­le to one or more other per­sons (heirs).
(2) The pro­vi­si­ons rela­ting to the inhe­ri­tance shall app­ly to the share of a co-heir (inhe­ri­tance share).

Sett­le­ment Sec­tion 2042 BGB
(1) Each co-heir may demand sett­le­ment at any time, unless other­wi­se pro­vi­ded for in Sec­tions 2043 to 2045.
(2) The pro­vi­si­ons of Sec­tion 749 (2), (3) and Sec­tions 750 to 758 shall app­ly. Each heir may demand the sett­le­ment of the com­mu­ni­ty of heirs at any time, unless the sett­le­ment is excluded in the will or the­re are reasons for post­po­ne­ment. If the heirs fail to reach an agree­ment on the sett­le­ment, the com­mu­ni­ty shall be dis­sol­ved by sel­ling the com­mon pro­per­ty in accordance with the pro­vi­si­ons on the sale of pled­ges.
Kadu­zie­rung § 21 GmbHG and (com­pul­so­ry exclu­si­on of share­hol­ders of a GmbH or a § 64 AktG)
1) In the event of delay­ed pay­ment, the defaul­ting share­hol­der may be issued with a new request for pay­ment within a grace peri­od to be deter­mi­ned, under thre­at of exclu­si­on from the share to which the pay­ment is to be made. The request shall be sent by regis­tered let­ter. The grace peri­od must be at least one month.
(2) If the dead­line expi­res wit­hout result, the defaul­ting share­hol­der shall be declared to have for­fei­ted his share and the par­ti­al pay­ments made in favor of the com­pa­ny. The decla­ra­ti­on shall be made by regis­tered let­ter.
(3) The excluded share­hol­der shall remain lia­ble to the com­pa­ny for the loss suf­fe­r­ed by the com­pa­ny in respect of the amount in arre­ars or the amounts of the capi­tal con­tri­bu­ti­on sub­se­quent­ly clai­med on the share.

Aban­don­ment right (right to pri­ce sur­ren­der) Sec­tion 27 GmbHG
The share­hol­der of a limi­t­ed lia­bi­li­ty com­pa­ny has the right to aban­don or also the right to pri­ce sur­ren­der if he is not wil­ling or able to ful­fill an obli­ga­ti­on to make an unli­mi­t­ed addi­tio­nal pay­ment. He can then release his share in the com­pa­ny. Accor­din­gly, in the case of an unli­mi­t­ed obli­ga­ti­on to make addi­tio­nal con­tri­bu­ti­ons, the share­hol­der can release hims­elf from the pay­ment of the addi­tio­nal con­tri­bu­ti­on deman­ded by making his share available to the com­pa­ny. The share must be sold by public auc­tion

The­re are advan­ta­ges to acqui­ring com­pa­ny shares out of insol­ven­cy. The buy­er does not have to assu­me respon­si­bi­li­ty for the insol­vent com­pany’s exis­ting tax obli­ga­ti­ons or other lia­bi­li­ties under com­mer­cial law. The sale can be arran­ged in such a way that all exis­ting lia­bi­li­ties remain with the insol­vent com­pa­ny.

The pri­va­te sale of com­pa­ny shares in insol­ven­cy pro­cee­dings can also be car­ri­ed out by a publicly appoin­ted, sworn auc­tion­eer.

The insol­ven­cy admi­nis­tra­tor must sell the com­pa­ny at the best pos­si­ble pri­ce. If he invol­ves the gene­ral­ly publicly appoin­ted, sworn auc­tion­eer in the sale, this is legal­ly valid due to the sur­ro­ga­te prin­ci­ple. The insol­ven­cy admi­nis­tra­tor does not need to obtain appr­oval from the cre­di­tors’ com­mit­tee, as con­trol is ensu­red by the public auc­tion becau­se the gene­ral­ly publicly appoin­ted auc­tion­eer is sworn to per­form his task con­sci­en­tious­ly and impar­ti­al­ly.

Debt-to-equi­ty swaps
Share deals are play­ing an incre­asing­ly important role. Cre­di­tors can be forced to con­vert their claims into shares (debt-to-equi­ty) even against their will. As a rule, cre­di­tors have no inte­rest in beco­ming share­hol­ders. We offer the desi­red exit by sel­ling the shares at auc­tion.

Vol­un­t­a­ry auc­tion of com­pa­ny shares
The sale of com­pa­ny shares such as stocks, limi­t­ed lia­bi­li­ty com­pa­nies or limi­t­ed part­ner­ship shares some­ti­mes gene­ra­tes bet­ter pro­ceeds than the sale via the usu­al tra­ding venues.

§ Sec­tion 23 GmbHG Auc­tion of the share
If pay­ment of the out­stan­ding amount of legal tran­sac­tions can­not be obtai­ned, the com­pa­ny may have the share sold by public auc­tion. Any other type of sale is only per­mit­ted with the con­sent of the excluded share­hol­der.
Auc­tion Sec­tion 65 para. 3 AktG

The sale must take place at the offi­ci­al stock exch­an­ge pri­ce through a bro­ker. If the­re is no stock exch­an­ge pri­ce, the shares must be sold by public auc­tion (com­pul­so­ry exclu­si­on of share­hol­ders of a GmbH or AG).